Location
Venue:Institute of Economic Affairs
Address:
Food for Thought with Professor Tim Besley
Time:
- 06/11/2024
13:00 - 14:00
In May of 2023, the LSE School of Public Policy convened a group of distinguished authors and discussants and asked them to give their take on what would constitute a new economic consensus for the twenty-first century. Because the group met at the London School of Economics, the working label of our project was The London Consensus. We imposed no pre-determined approach or paradigm on this venture. But we hoped some general principles and lessons would emerge. Any such exercise is, of course, in the shadow of the Washington Consensus which, by the early 1990s, constituted the prevailing view of effective policy for growth and development. Fuelled by support from the IMF and World Bank, which by then had turned their back on the post-war consensus, policy reforms such as fiscal consolidation, tariff reduction and deregulation became preconditions for adjustment assistance. Much has changed since: the collapse of the Soviet Union and its area of influence, the rise of China as an economic power and the increasing recognition of anthropogenic climate change are just three important examples.
Professor Tim Besley is School Professor of Economics and Political Science and W. Arthur Lewis Professor of Development Economics at the LSE. A graduate of Oxford University where he was Fellow of All Souls College, he taught at Princeton University before joining the LSE in 1995. His main research is in political economy for which he was awarded the 2022 FBBVA Frontiers of Knowledge Award. He has extensive policy experience advising the World Bank, IMF and EBRD. From 2006-9, he served on the Bank of England Monetary Policy Committee, and he is a founder member of the UK’s National Infrastructure Commission. He was an academic convenor of the Oxford-LSE Fragile States commission chaired by David Cameron and a founding Chair of the LSE Growth Commission as well as a past President of the Econometric Society and the Royal Economic Society. His main interest is in how governments around the world can more effectively design and deliver economic policies. He is Director of the Hayek Programme at LSE and a member of the IFS-Deaton Review on Inequalities. In 2018, he was knighted for services to economics and public policy.
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Location
Venue:Institute of Economic Affairs
Address: